Martinsburg daily gazette. [volume] (Martinsburg, W. Va.) 1887-1887, 1887-04-18
ALLISON INTERVIEWED.
HE DISCUSSES AWAY 70 GET RID or
THE SURPLUS.

Arguing In Favor Of Purchasing Bonds In
Open 1Iarket-Opposed to Bank Depos-
its-He Thinks that the President Ought
to Call an Extra Session OF Congress.
WASHINGTON, April 1S.-In an interview
to day with Senator Allison, Of Iowa, touch
ing several topics of especial interest to the
commercial and financial world he spoke
with his accustomed frankness. Senator Al
lison has been for many years chairman of
the committee on appropriations as well as
prominent member of the finance committee.
He is chairman Of the subcommittee having
under consideration the subject of UNDER
valuations. He is an acknowledged author
ity upon all questions relating to revenue
and finance, and for this reason an ex-
preston of his views will be read with inter-
est by thoughtful men generally. The in
terviewer opened the talk by saying:
II notice the sub-committe on the subject
of AUTHORIZATIONS is in session. How long
will it probably continue in session and what
progress have you made thus farF
Senator Allison replied: Yes; the COM
mittee has been in session nearly a week and
will sit here several days yet. The commit
tee has made very satisfactory progress con-
sidering the magnitude of the subject and
the difficulties in the way Of reaching correct
conclusions. During the first session of the
last congress the committee took q consider
able amount of testimony which was not
printed until recently In addition to this
Secretary Manning gathered a large amount
OF ma. erial of value to the committee. He
was very industrious in gathering important
facts and very intelligent in the discussion
of then, as also OF the various remedies pro-
posed to check undervaluations and, in gem
sral way of legislative remedies to secure
more efficient administration of the customs
laws.
THE committee was not able to report at
the long SEES ZION in time, for action. 1t also
found soma feeling on the part Of the house
lest the senate should trench upon the ex-
elusive right of the house to originate reve-
nue. bills as it is difficult to institute effect
i've legislation in the machinery for collecting
revenue without in some sense affecting the
rates of duty. At the last session the time
was too short to accomplish anything, and
the committee will occupy sufficient time
during the vacation to prepare and have
ready for presentation at the beginning OF
next session such measures as may be
thought necessary to correct existing evils,
so far as they can be corrected by statutes.
We win adjourn to meet some time in May,
and will probably hold brief sessions during
the summer in Chicago, New YORK and Bos-
ton We have blocked out quite fully the
work, but none of it is sufficiently matured
to give to the pubic After the work is
prepared in the form of bill we will submit
it to the public so as to invite criticism from
the merchants, manufacturers and import
ers, so that If mistakes are disclosed by these
criticisms the committee can revise its work
before the meeting of congress"
what is likely to be the situation respect
ing the surplus, owing to failure to reduce
taxation at the last session.
There will probably be no considerable
accumulation of the surplus during the re-
mainder Of this fiscal year. The debt was
reduced $12, 00O, 600 during the last month,
and the money in the treasury increased
about 90, OO0, 900, so that at this rate, or any
reasonable approach to 1t, the reduction of
ali the three per cents will take place be-
tween now and July /. After that time there
win be constant accumulation Of money in
the treasury over and above current pay
ments to the extent of from $4,000, 900 to
SO. 900, 900 month until congress either re-
iuces taxes or makes new an l additional
appropriations. II congress does not convene
until December no tax reduction is probable
before year from next July-the result Of
which would be an accumulation of q surplus
In addition to that now in the treasury of
from $9O, 600. 900 to $l0000O,00O.
1T has been suggested that the secretary
of the treasury might utilize the National
bank repositories for the deposit of the accu-
mulating surplus, and that they in turn
nnl,ld loan If and th"e kAAr the monev r"
1 + & u q s q 9